PM launches second phase of Youth Loan Scheme

Prime Minister Mian Nawaz Sharif on Wednesday launched the second phase of Youth Loan Scheme with distribution of cheques among 700 successful applicants.

The second computer balloting for grant of loans under PM Youth Business Loans was held in Islamabad on Wednesday. Prime Minister Nawaz Sharif was the chief guest on the occasion.

Addressing the ceremony, the Prime Minister expressed the confidence that the youth securing loans for businesses would prove to be a harbinger of social and economic revolution in the country.

He said in the first phase thirty eight thousand applications for loans were received under PM Youth Business Loans including thirty one thousand men and seven thousand women. Of them, six thousand were selected for grant of loans through computer ballot and six thousand more are being selected through second draw.

The Prime Minister said those getting loans would not only be able to launch their own business but also provide job opportunities to others.

Mian Nawaz Sharif said previously only influential segments of the society had access to the financial resources but the present government has made resources available for the poor as well under PM Youth Business Loans.

He said the funds available with banks are hard earned money of the people and it is not possible that the rich should have access to it and poor remain deprived. He said people of Pakistan are bestowed with immense qualities and skills and they can contribute their share for strengthening of the national economy if provided necessary resources for utilization of their skills.

He said the program is not meant for any specific area or region but is being implemented all over the country in a transparent manner.
The Prime Minister said the Government has also launched Qarz-e-Hasna scheme which would benefit two hundred and fifty thousand families next year. There would be fifty percent share for women in the scheme.

He said the scope of the youth training scheme is being increased to cover fifty thousand youth who would get one year training in different trades. He said the youth skill development scheme aims at imparting six month training to middle pass youth. They would get monthly stipend of five thousand rupees during the training.

The Prime Minister congratulated Finance Minister Ishaq Dar for presenting an investment friendly and pro-poor budget. He said the new budget is an attempt to take Pakistan forward on the road to progress while remaining within our own resources.

Mian Nawaz Sharif said this time for taking practical steps for resolving problems of the people and not to go for sit-ins. He said those who could succeed in 2013 elections should wait for 2018 general elections.

He said the Government has launched a number of development projects and is completing them in record time. In this connection, he referred to Nandipur Power Plant which has been installed in just eight months. He said this and similar other projects would help alleviate the problem of loadshedding.

The Prime Minister said 35 billion dollar would be invested in power, road and railway sectors during the next ten years.

He said twenty one thousand megawatt of electricity would be added to the national grid in eight to ten years. He hoped that the government would succeed in overcoming the problem of load-shedding in few years.

The Prime Minister said under Pakistan-China Economic Cooridor, Gwadar port would be developed on international standard, which would increase regional trade and economic activities.

On this occasion, the Prime Minister and Chairperson of PM Youth Program Maryam Nawaz performed computer balloting to select successful applicants for loans. The successful applicants included 4504 male and 665 female from different parts of the country. They would be informed though SMS by this evening.

Speaking on the occasion, Minister for Finance Ishaq Dar said the present government is focusing on welfare of the down trodden sections of the society and launching of six youth related schemes are part of that strategy of PML(N).

He said five of the six schemes for youth are under implementation and soon laptop distribution scheme would also be launched through Higher Education Commission.

The Finance Minister said one million families would be provided Qarz-e-Hasna during the next four years. He said 3.5 billion rupees have been allocated in the next year’s budget to reach out to two hundred thousand families.

Ishaq Dar said thirty six thousand students would benefit from fee reimbursement scheme. He said one hundred and twenty thousand people would be trained to take up jobs in textile sector.